McCaffery Interests cleared another hurdle in its quest to build a 150K SF mixed-use building at 1201 West Lake. With available sites in the core of Fulton Market commanding top asking prices and becoming more scarce, developers are pushing the boundaries of the market west and McCaffery is one of several firms seizing opportunity.

McCaffery senior managing director Clayton McCaffery said the firm received zoning approval from the city to tear down the existing structure and build a totally new seven-story, glass and concrete structure designed by Antunovich Associates and dubbed Twelve01West. The building will feature 24K SF floor plates. The development is two blocks west of the Morgan Street 'L' Station and will include 45 parking spaces.

The building's amenities include 20K SF of landscaped green space, 45 indoor, secured parking spaces, a bike room and several balconies. The penthouse level will contain a wellness center, a tenant lounge and access to an outdoor deck with clear views of the downtown skyline.

McCaffery's Allan Perales, Andrew Macafee and Giovanna Ventola will handle marketing and leasing of the building's 11K SF retail component. The office space will be marketed by Avison Young's Brad Despot, Michael Curran and Erica Rogers.

McCaffery said he hopes demolition crews can begin razing the existing structure this summer. Twelve01West is slated for a 2018 delivery.